There was no obvious explanation for today's global rally. But many people seem to believe that optimism that we'll be able to avoid the "fiscal cliff" is increasing. Politico's Ben White has declared that "it's already over."

The U.S. housing market continues to be one of the brightest spots in the global economy. Existing homes sales unexpectedly surged 2.1 percent in October to 4.79 million at an annualized rate. Economists were expecting a modest decline. The national median existing home price was $178,600, up 11.1 percent from a year ago.

Earlier today, Greece passed laws intended to enforce budget targets and pay down debt. The country appears to be getting closer to securing more desperately needed bailout funds.

Elsewhere overseas, tensions remain high in the Gaza Strip as Israel continued to bomb areas suspected to be occupied by Hamas. However, talks of a ceasefire seem to be gaining traction. As such, the surge in oil prices today seems to be attributed more to an improving economy, rather than the risk of supply disruptions in the Middle East.